What is the main purpose of procurement management

Procurement encompasses the entire process of searching out, putting in place and maintaining external vendors or suppliers. It involves making sure all products or services are acquired within budget, on time and in compliance with company standards. The goal of procurement management is to get the best product for the lowest cost, while still meeting quality control measures.

Procurement management is key to the success of every organization. Senior managers must be able to rely on procurement managers to oversee complex processes and make complex decisions about sourcing, spending and productivity.

Every organization wants to save money when spending money.

Buy too much and you're bloating overhead. Buy not enough and you're missing out on vital benefits. Procurement is an art, and it takes experience to get it right. That means lost time and higher costs.

No matter where you are in the procurement to pay cycle – from sourcing new suppliers, establishing contract terms and payment terms, to managing supplier partnership – having licensed procurement professionals experienced with industry regulations will help ensure you receive the good or service you need at the price you expect.

Talk to us today to find out how TYASuite cloud-based Procurement Software can help you reduce your current spend on procurement while t simultaneously increasing your capacity to manage it better.